Electrical Stimulation Devices Market to Grow at a CAGR of 9.3% to reach US$ 11,334.0 Million from 2020 to 2027

Electrical Stimulation Devices Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Device Type (Spinal Cord Stimulation Devices, Deep Brain Stimulation Devices, Vagus Nerve Stimulation (VNS) Devices, Sacral Nerve Stimulation (SNS) Devices, Gastric Electrical Stimulation (GES) Devices, Transcutaneous Electrical Nerve Stimulation (TENS) Devices, Other Devices ); Application ( Pain Management, Neurological and Movement Disorder Management, Musculoskeletal Disorder Management, Metabolism and GIT Management, Incontinence Management, Other Application ); and Geography

Publication Month : Jun 2020

  • Report Code : TIPRE00003313
  • Category : Medical Device
  • Status : Published
  • No. of Pages : 157
Inquire Before Buy

PRICING

$4550

$2730

[Research Report] The electrical stimulation devices market was valued at US$ 5,643.7million in 2019 and is projected to reach US$ 11,334.0 million by 2027; it isexpected to grow at a CAGR of 9.3% during 2020–2027.

Electrical stimulation devices are utilized to treat chronicpain and neurological disorders with the help of electrical signals. Increasingawareness regarding efficient treatment outcomes of electrical stimulationtherapy and growing number of product approvals are among the factors driving themarket growth.

Lucrative Regional Electrical Stimulation Devices Markets

Lucrative Regional Electrical Stimulation Devices Markets

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Market Insights

Increasing Prevalence of Chronic Pain

Chronic pain is one of the major problems listed byhealthcare systems. Acute pains can be treated over time with the help ofvarious therapeutic solutions; however, chronic pain leads to prolongedcondition of abnormality. Furthermore, this type of pain adversely affects thesocial and economic aspects of people’s lives. Chronic pain conditions mainlyinclude the pain of back, knees, and arms, as well as other musculoskeletalconditions.

The considerably growing prevalence of chronic pain isprojected to drive the growth of the electrical stimulation devices market during the forecast period.According to a study published by the NCBI in 2016, extensively increasingprevalence of chronic pain and associated conditions are the leading cause ofdisability worldwide. Moreover, according to another study published by NCBI in2019, 30.0% of the population suffers from some form of chronic pain. Factorssuch as genetic conditions, sedentary lifestyle, aging, mental stress, andsurgical interventions are among of the prominent causes of chronic pain. Inaddition, according to a study published by American Chiropractic Associationin 2020, ~31 million Americans suffer from lower back pain at some point oftime in their lives, which is majorly related to sedentary lifestyle.

With the advent of advanced technologies, the new devicesare capable of reducing pain to considerable extent. For instance, Spectra WaveWriter Spinal Cord Stimulator System launched by Boston Scientific Corporationis capable of providing great relief to chronic pain. In addition, the devicesenable the customization of therapy and real-time monitoring of therapy. Thesebenefits of electrical stimulation devices, coupled with increasing prevalenceof chronic pain, drives the growth of the electrical stimulation devices market.

Device Type Insights

Based on device type, the electrical stimulation devicesmarket is segmented into spinal cord stimulation devices, deep brainstimulation devices, VNS devices, SNS devices, GES devices, TENS devices, andNMES/EMS devices. The spinal cord stimulation devices segment held the largestshare of the market in 2019; whereas the sacral nerve stimulation (SNS) devicessegment is anticipated to register the highest CAGR in the market during theforecast period.

Global Electrical Stimulation Devices Market, by Device Type – 2019 and 2027

Global Electrical Stimulation Devices Market, by Device Type – 2019 and 2027

  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
  • Request discounts available for Start-Ups & Universities

Application Insights

Based on application, the electrical stimulation devicesmarket has been segmented into pain management, neurological and movementdisorders management, musculoskeletal disorder management, metabolism and GITmanagement, incontinence management, and other applications. The painmanagement segment held the largest share of the market in 2019 and isestimated to register the highest CAGR in the market during the forecast period.

Customize Research To Suit Your Requirement

We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.

Electrical Stimulation Devices Market: Strategic Insights

electrical-stimulation-devices-market
Market Size Value inUS$ 5,643.7Million in 2019
Market Size Value byUS$ 11,334.0 Million by 2027
Growth rateCAGR of 9.3% from 2020-2027
Forecast Period2020-2027
Base Year2020
Analyst Image

Akshay

Have a question?

Akshay will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.

Analyst Image  Speak to Analyst

Product launches and approval strategies are commonlyadopted by companies to meet the growing demand, thereby expanding their footprintand product portfolio reach worldwide.

The electrical stimulation devices market players adopt thestrategy of expansion to enlarge customer base worldwide, which also permitsthem to maintain their brand name globally. For instance, in January 2019, BostonScientific Corporation launched Vercise Primary Cell (PC) and Vercise GeviaDeep Brain Stimulation (DBS) Systems featuring the Vercise Cartesia DirectionalLead.

Global Electrical Stimulation Devices Market – ByDevice Type

  • Spinal Cord Stimulation Devices
  • Deep Brain Stimulation Devices
  • Vagus Nerve Stimulation (VNS) Devices
  • Sacral Nerve Stimulation (SNS) Devices
  • Gastric Electrical Stimulation (GES) Devices
  • Transcutaneous Electrical Nerve Stimulation(TENS) Devices
  • Other Electrical Stimulation Devices

Global Electrical Stimulation Devices Market – By Application

  • Pain Management
  • Neurological and Movement Disorder Management
  • Musculoskeletal Disorder Management
  • Metabolism and GIT Management
  • Incontinence Management
  • Other Applications

Global Electrical Stimulation Devices Market–By Geography

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • France
    • Germany
    • Italy
    • UK
    • Spain
    • Rest of Europe
  • Asia Pacific (APAC)
    • China
    • India
    • South Korea
    • Japan
    • Australia
    • Rest of Asia Pacific
  • Middle East and Africa (MEA)
    • South Africa
    • Saudi Arabia
    • UAE
    • Rest of Middle East and Africa
  • South and Central America
    • Brazil
    • Argentina
    • Rest of South America

Company Profiles

  • Boston Scientific Corporation
  • Medtronic
  • Abbott
  • BTL
  • DJOGlobal, Inc.
  • AvaScience Inc.
  • NEVROCORP.
  • ZynexMedicalLaborie, Inc.
  • LivaNovaPLC
  • NeuroMetri
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Device Type Devices ; Application ; and Geography

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States

The List of Companies - Electrical Stimulation Devices Market

  1. Boston Scientific Corporation
  2. Medtronic
  3. Abbott
  4. BTL
  5. DJO Global, Inc.
  6. Ava Science Inc.
  7. NEVRO CORP.
  8. Zynex MedicalLaborie, Inc.
  9. LivaNova PLC
  10. NeuroMetri

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

Your data will never be shared with third parties, however, we may send you information from time to time about our products that may be of interest to you. By submitting your details, you agree to be contacted by us. You may contact us at any time to opt-out.

Trends and growth analysis reports related to Electrical Stimulation Devices Market